Rita downgraded to Tropical Storm: Hurricane Center

NEW YORK (MarketWatch) -- The National Hurricane Center said Hurricane Rita has weakened further and can now be categorized as a Tropical Storm. In its latest advisory, the hurricane center said winds have slowed to 65 mph. Rita will still produce torrential rain in the next few days, with 10 to 15 inches expected across Eastern Texas. The storm is moving north at about 12 mph and will likely continue on that course of the next 24 hours, it said.

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